Borrowings (Tables)

12 Months Ended

Dec. 31, 2016

Borrowings [Abstract]

Indebtedness

The following table summarizes our indebtedness at December 31, 2016, (dollars in thousands): 

	Borrowed Balance			Effective Rate		Contract Maturity
Fixed Rate Secured Debt
Individual property mortgages	$	1,128,284		3.9	%	8/11/2019
Total fixed rate secured debt	1,128,284			3.9	%	8/11/2019
Variable Rate Secured Debt (1)
Fannie Mae conventional credit facilities	160,000			1.1	%	6/1/2018
Total variable rate secured debt	160,000			1.1	%	6/1/2018
Fair market value adjustments and debt issuance costs	30,804
Total Secured Debt	$	1,319,088		3.5	%	6/16/2019
Unsecured Debt
Variable rate credit facility	490,000			1.6	%	4/15/2020
Term loan fixed with swaps	850,000			3.1	%	11/10/2017
Fixed rate bonds	1,860,000			4.1	%	5/29/2023
Fair market value adjustments, debt issuance costs and discounts	(19,376		)
Total Unsecured Debt	$	3,180,624		3.4	%	6/7/2021
Total Outstanding Debt	$	4,499,712		3.5	%	11/8/2020

⁽¹⁾ Includes capped balances

Interest Rate Ranges, Maturity and Balance of Indebtedness

The following table summarizes interest rate ranges, maturity and balance of our indebtedness, net of fair market value adjustments, debt issuance costs and discounts, at December 31, 2016 and the balance of our indebtedness, net of fair market value adjustments, debt issuance costs and discounts, at December 31, 2015 (dollars in millions):

	At December 31, 2016
	Actual Interest Rates	Current Average Interest Rate	Maturity	Balance		Balance at December 31, 2015
Fixed Rate:
Secured	3.00 - 5.49%	3.92%	2017-2025	$	1,128.3	$	1,062.9
Unsecured	3.15 - 5.57%	4.06%	2017-2025	1,860.0		1,535.2
Interest rate swaps	2.63 - 6.63%	2.80%	2017-2018	850.0		550.0
				$	3,838.3	$	3,148.1
Variable Rate: (1)
Secured	1.08%	1.08%	2017	110.0		65.0
Secured interest rate caps	1.08%	1.08%	2017	50.0		125.0
Unsecured	1.65%	1.65%	2020	490.0		75.0
				$	650.0	$	265.0
Fair market value adjustments, debt issuance costs and discounts				$	11.4	$	14.5
				$	4,499.7	$	3,427.6

⁽¹⁾ Amounts are adjusted to reflect interest rate swap and cap agreements in effect at December 31, 2016, and 2015, respectively, which results in us paying fixed interest payments over the terms of the interest rate swaps and on changes in interest rates above the strike rate of the cap. Rates and maturities for capped balances are for the underlying debt, unless the strike rate has been reached.

Scheduled Principal Repayments on Borrowings

The following table includes scheduled principal repayments on the borrowings at December 31, 2016, as well as the amortization of the fair market value of debt assumed along with debt discounts and issuance costs (dollars in thousands): 

Year	Amortization			Maturities		Total
2017	$	26,110		$	277,525	$	303,635
2018	21,525			465,429		486,954
2019	6,778			719,142		725,920
2020	2,768			792,456		795,224
2021	(677		)	340,618		339,941
Thereafter	(1,350		)	1,849,388		1,848,038
	$	55,154		$	4,444,558	$	4,499,712